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Binance cryptocurrency exchange to launch in Ukraine - minister

This is expected to happen by the end of year.

Binance cryptocurrency exchange to launch in Ukraine - minister
Mykhaylo Fedorov
Photo: LB.ua

The Digital Transformation Ministry of Ukraine and the Binance cryptocurrency exchange have signed a memorandum.

The platform will launch in Ukraine by the end of year, Digital Transformation Minister Mykhaylo Fedorov has said at a roundtable " Why does Ukraine need to use blockchain and legalize cryptocurrency?" hosted by Gorshenin Institute.

"Today we signed a memorandum with Binance, one of the largest cryptocurrency exchanges in the world. It is now taking active steps to open its office here and it is most likely to open before the new year. These are billions of dollars of turnover at the exchange and part of the money that the exchange accumulates and part of microtransactions will take place in Ukraine. This will give Ukraine additional budget money, these are multi-million taxes, but it is very important for me that this is a strong driver for the development of the crypto topic in the context of legalizing cryptocurrencies. Because when such large exchanges open their offices in countries, this indicates that the legislative direction is beginning to develop, and there are now specialists who help to develop legislation," Fedorov said. 

Also, according to the minister, parliament gave the first reading to the bill on public registers. During the second reading, the bill will be amended to regulate the use of blockchain to ensure distributed data storage in registers.

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